Palo Alto-based stock and cryptocurrency trading app Robinhood has been aggressively expanding into the crypto space. The company recently raised $363 million to build the world’s “largest crypto platform” and has been seeking to receive a banking license to offer additional products and services through its iPhone and Android-based trading app for retail traders.
Now, according to a job advertisement posted by Robinhood, the firm is looking into potentially offering a cryptocurrency wallet to complement its trading app. The job listing reads:
“As a Crypto Engineer you’ll: Build out new functionality for our crypto product, such as adding new currencies or providing wallet functionality.”
In its current state, the Robinhood trading app only allows the buying and selling of the cryptocurrencies bitcoin and ethereum, in addition to price monitoring of 14 more digital tokens. Once a user has purchased these cryptocurrencies, the only options available to investors is to sell or have Robinhood hold it for you – there isn’t a wallet to store actual crypto or a way to transfer cryptocurrencies to another wallet a user may own.
The lack of freedom and ‘real’ ownership goes against cryptocurrency’s decentralized mantra, and has caused the community at large to consider other options before investing in crypto via Robinhood’s app. By adding a crypto wallet feature, it would allow Robinhood to be more competitive against the likes of Circle, Coinbase, or Square.
At the moment, the potential functionality should be considered a rumor until Robinhood confirms plans to add a crypto wallet, but the possibility is promising considering how bullish Robinhood is on the cryptocurrency space, with the job listing even saying:
“What has been created so far only scratches the surface of how Robinhood envisions cryptocurrencies to play a role in our user’s lives.”
Clearly, Robinhood has big plans for their crypto business in the coming months.